A. The Council shall develop policies, formulae, and guidelines for the fair and equitable distribution and use of public funds among the public institutions of higher education, taking into account enrollment projections and recognizing differences and similarities in institutional missions. Such policies, formulae, and guidelines shall include provisions for operating expenses and capital outlay programs and shall be utilized by all public institutions of higher education in preparing requests for appropriations. The Council shall consult with the Department of Planning and Budget in the development of such policies, formulae, and guidelines to ensure that they are consistent with the requirements of the Department of Planning and Budget.
B. Not less than 30 days prior to submitting its biennial budget request to the Governor, the governing board of each public institution of higher education shall transmit to the Council such selected budgetary information relating to its budget request for maintenance and operation and for capital outlay as the Council shall reasonably require. The Council shall analyze such information in light of the Council’s plans, policies, formulae, and guidelines and shall submit to the Governor recommendations for approval or modification of each institution’s request together with a rationale for each such recommendation. The Council shall make available to the General Assembly its analyses and recommendations concerning institutional budget requests.
C. Nothing in this section shall prevent any institution of higher education from appearing through its representatives or otherwise before the Governor, the Governor’s advisory committee on the budget, the General Assembly, or any committee of the General Assembly at any time.
D. Funds for any consortium created by The College of William and Mary in Virginia, Old Dominion University, the University of Virginia, and Virginia Polytechnic Institute and State University for the purpose of promoting graduate marine science education may be included in the budget request of and the appropriations to the Council.